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Enhancing Customer Experience through Financial Process Automation 

Overview Of The Company

The case study focuses on a major North American financial services institution renowned for its financial, retirement, and investment services expertise. With a vast clientele and extensive operations, the institution’s Client Service Centers handle over 3 million calls annually. Among these calls, approximately 15% pertain to loan and withdrawal options, collectively called Money Out (MO) options. These interactions involve crucial financial decisions such as withdrawals, old loan payoffs for new loans, and new loan scenarios.
To ensure impeccable service, Customer Service Associates (CSAs) are responsible for gathering pertinent client data, accessing internal systems, and capturing relevant financial statistics for each retirement plan. However, to address these challenges, the company implemented financial process automation solution to reduce prolonged call times, that were hindering efficient customer service and created challenges in meeting client needs effectively.


The financial services institution faced several key challenges in handling Money Out (MO) options:
  • High Volume Calls: Dealing with over 3 million calls annually, the Client Service Centers encountered a considerable number of inquiries related to loan and withdrawal options.
  • Lengthy Call Times: The process of manually navigating multiple applications to gather essential financial data resulted in extended call durations, leading to customer frustration.
  • Real-Time Customer Assistance: Ensuring real-time assistance to clients while collecting necessary financial information posed a challenge, as CSAs were occupied with data collection tasks.
  • Customer Frustration: Prolonged hold times during data collection added to customer dissatisfaction, impacting the overall quality of customer care.


To address these challenges, the company implemented an innovative financial process automation solution:
  • Developed the Money Out Digital Assistant (MODA), an attended bot that acted as a digital assistant on CSAs’ desktops.
  • MODA efficiently gathered information from multiple internal applications and platforms, consolidating it into a user-friendly workbook.
  • It validated all customer-specific information based on predefined business rules, promptly notifying CSAs of any discrepancies.
  • By running during the call, MODA allowed CSAs to focus on customer needs, eliminating the need for lengthy hold times and enhancing the customer experience.
  • With the use of financial process automation, the digital assistant generated an advanced workbook containing comprehensive Money Out data in a standardized format.


Enhancing Customer Experience through Financial Process Automation 
With the implementation of automation in financial services, the development of Money Out Digital Assistant (MODA) led to remarkable outcomes:
  • End-to-end execution is completed within 90 seconds, providing essential results to CSAs in real-time.
  • Reduction of call times by an average of 92.5%, eliminating repeat calls and improving customer satisfaction.
  • Enhanced efficiency and productivity for CSAs, enabling them to attend to customer needs more effectively.
  • Over 360 employees within the financial institution benefited from the assistance provided by MODA.